NEW YORK (Reuters) - Texas Instruments said on Wednesday that it would eliminate 1,700 jobs worldwide to cut costs in its wireless chip business as it is moving away from making application chips for smartphones.

The chipmaker said it expects to take charges of about $325 million related to the job cuts, most of which will be accounted for in the current quarter. It expects annualized savings of about $450 million by the end of 2013 from the action.